Community Solar solar-mosaic

Published on February 7th, 2014 | by Zachary Shahan

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Crowdfinancing Solar Loans In Connecticut — 21st Century, We’re Hear!

February 7th, 2014 by Zachary Shahan
 

Mosaic (formerly “Solar Mosaic”) has taken another step towards facilitation of a crowdfinanced rooftop revolution. In coordination with the Clean Energy Finance and Investment Authority (“Connecticut’s green bank”) and Sungage Financial, (“a platform that enables homeowners to efficiently apply, qualify, and contract for solar financing”), Mosaic is enabling up to $5 million of crowdsourced solar loans.

solar-mosaic

However, all the credit doesn’t go to Mosaic, of course. Sungage Financial reportedly designed this first-of-its-kind loan program, a program which guarantees system performance. Additionally, CEFIA has invested the initial $5 million.

Similar to how Mosaic crowdsources financing for larger solar projects in other states, “Investments in the loan pool will be offered to investors at www.joinmosaic.com with a 15-year term and yields of approximately 5 percent to accredited investors,” a news release states.

Sylvain Mansier, CFO and co-founder of Sungage Financial, said: “This partnership is creating an entirely new ecosystem for solar financing in which individuals can take part in and benefit from home solar installations. This new loan product represents the next generation of solar financing and Sungage Financial is thrilled to be partnering with CEFIA, Hampshire Foundation, and Mosaic to help homeowners save more through solar ownership.”

Exciting. Crowdsourcing financing for residential solar. What’s next?

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About the Author

is the director of CleanTechnica, the most popular cleantech-focused website in the world, and Planetsave, a world-leading green and science news site. He has been covering green news of various sorts since 2008, and he has been especially focused on solar energy, electric vehicles, and wind energy since 2009. Aside from his work on CleanTechnica and Planetsave, he's the founder and director of Solar Love, EV Obsession, and Bikocity. To connect with Zach on some of your favorite social networks, go to ZacharyShahan.com and click on the relevant buttons.



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